Reflections From a Murky Pond

Paul Klugman, Nobel laureate economist, and deeply entrenched and enriched pundit has always been an arrogant git who loved to lambast and excoriate any critics of globalism – what his school of economics called “Global Capitalism” – as fools and their fears as silly. His position, defended from on high, was that we should not worry about it. He said that unrestricted trade will have, at the very most, only a very minor negative impact on our people’s prosperity and posterity.

Well, that was then and this is now. Klugman has finally admitted that the large number of people whom he thought didn’t understand macroeconomics very well and who were silly were right and he and his fellow Globalist Keynesians were utterly and totally wrong.

To make a long and convoluted story short and – possibly overly – simple: Despite vast numbers of people warning otherwise, Klugman and his fellow travelers both fervently believed that manufacturing moving to Third World nations, e.g., China, would perforce raise wages in those countries, thereby raising the costs of the manufactured goods close enough to those domestically produced so as not to upheave the market greatly. They also grossly underestimated how much and how often corporations would take advantage of both the amazingly low-cost labor pools and tax benefits of such off-shored manufacturing.

In other words, Klugman and Co. arrogantly derided those people who warned them of what globalism would cause and they were completely wrong in doing so. Those “silly” fears turned out to be not so silly after all.

Tags: America | China | Economics | Economy | Failure | Free Trade | Globalism | Jobs | Keynesian Economics | Klugman | Society | Wealth

This entry was posted on Saturday, October 24th, 2020 at 8:18 am and is filed under Society. You can skip to the end and leave a response. Pinging is currently not allowed.

CNN will apparently always be CNN, whether it’s theire political (mis)reporting or their business section. Their recent article, “New threat to the economy: Americans are saving like it’s the 1980s” pretty much sums that fact up aptly and succinctly.

Americans are slashing their spending, hoarding cash and shrinking their credit card debt as they fear their jobs could disappear during the coronavirus pandemic. US credit card debt suddenly reversed course in March and fell by the largest percentage in more than 30 years. At the same time, savings rates climbed to levels unseen since Ronald Reagan was in the White House.

Yeah, CNN has a problem with people saving money instead of staying and/or going deeper into debt. After all, they describing increasing one’s savings as “hoarding cash.” They see not spending money that you don’t have and planning to rely more upon yourself during a crisis as threatening behaviors.

Then, I suppose this is to be expected. CNN was, is, and always will be CNN, a leftist mouthpiece and part of the propaganda corps of the Democrat party. As such, their is no part of their ideology that isn’t threatened by people behaving in a responsible manner, especially involving their money.

Tags: America | CNN | Economics | Economy | Fiscal Responsibility | Keynesian Economics | Lamestream Media | Media Bias | Politics | Spending

This entry was posted on Tuesday, May 19th, 2020 at 7:49 am and is filed under Politics, Society. You can skip to the end and leave a response. Pinging is currently not allowed.

There’s a lot of talk about America’s new economy and how we all have to do whatever is necessary to adapt to it.

America’s New Economy

These animals’ view of America’s new economy is an economy based upon the productive being enslaved by the worthless and, as every previous attempt of this Keynesian nightmare has shown us, this economic model is doomed to utter failure.

As far as I can see, most of this talk – and all the jabbering spewing out of the maws of Obama and his coterie of vermin – should be rejected by we, the People of the United States of America – rejected by force and with extreme prejudice if needs be.

Already America is in a state where and when for every 1.25 productive citizens there is one resident that is either being supported through welfare or who is employed for the government in some capacity. A 1.25:1 Maker to Eater & Taker ratio is ridiculous, abhorrent to men of good character, and utterly unsustainable.

If America’s new economy is one where people who work for a living are being overwhelmed by people who vote for a living, then it’s time for drastic change starting in DC, working down to the ghettos and slums, and not stopping until America is cleansed, purified, and reborn once again as nation it was created as and always meant to be.

Tags: America | Economics | Economy | Keynesian Economics | Obama | Socialism | Taxes | Welfare | Welfare State | Work

This entry was posted on Tuesday, January 29th, 2013 at 8:14 am and is filed under Politics. You can skip to the end and leave a response. Pinging is currently not allowed.

America is suffering through trying times and such trying times called for men of character and intelligence to step up and lead the way to better days. Sadly for each and every American, we’re saddled with Obama and the boy has no character of note and an obviously subprime intelligence

Yes, it’s probably too much to ask that Obama to learn from history. One could, however, quite reasonably expect anyone approaching the average human intellect to be able to learn from current events.

Such expectations that Obama had the basic human capacity to learn and adapt seem to have misplaced. In the wake of the Subprime Mortgage Crisis that caused the Great Recession, Obama’s policies for the FHA have been to do the same thing again with the same borrowers who defaulted the last time.

After two foreclosures and two bankruptcies, Hermes Maldonado, a Honduran immigrant, recently qualified for an FHA loan for a home in the Los Angeles area.

“After everything that happened, thank God I was able to buy another house.”

Under Obama, the FHA has more and more backed new home loans to so-called rebound borrowers, those who have recently defaulted on previous mortgages. The agency is now allowing lower-income borrowers with extremely low credit scores to get loans a mere three years after foreclosure and with as little as 3% down. This has resulted 40% of newer FHA-backed loans being subprime.

The natural result of this stupidity is that a large percentage of these loans are more than 90 days delinquent and many more are actively in foreclosure.  These losses have depleted the agency’s reserve fund to 0.24% during fiscal 2011, which is barely more than one tenth of the Congressionally-mandated 2% level.

With cash reserves almost nonexistent and analysts predicting that over 30% of FHA backed mortgages will be in delinquency within the next five years it’s expected that FHA will need a taxpayer-funded bailout in the very near future – to the tune of over $50 billion.

I’ll give Obama and his handlers and sycophants credit though. They don’t do stupidity in a small way; theirs is a larger than life sort of idiocy.

Tags: America | Bail Outs | Banking | Debt | Economics | Economy | Fail | FHA | Idiocracy | Intelligence | Keynesian Economics | Mortgages | Obama | Politics | Recession | Stupidity | Taxes

This entry was posted on Thursday, November 22nd, 2012 at 8:51 am and is filed under Politics. You can skip to the end and leave a response. Pinging is currently not allowed.

Some call Red Bull. Obamanomics is in a flat spin and falling groundward at 177 feet / second. Someone needs to give it wings or something before it splatters all over the nation.

Obamanomics – No Gentle Landing Foreseen

Red Bull and Felix Baumgartner seem a better choice than the Federal Government and Obama, though Felix is certainly not as articulate as Obama. He seems to favor results over rhetoric.

Of course this is a perennial problem with amateurs. No matter how often their told that 90% of chute failures are due to poor body positioning, they’re still likely to get it wrong the first few times.

Head Up Your Ass – The Keynesian Position

Yeah, someone call Red Bull and Baumgartner or – and here’s a thought – let’s throw the worthless little failure out of the White House and replace him with someone who understands business economics and whose desires are more likely to encourage the private sector to grow again.

Tags: 2012 Elections | America | Baumgartner | Corporations | Economics | Economy | Employment | Free Market | Humor | Jobs | Keynesian Economics | Obama | Red Bull | Unemployment

This entry was posted on Thursday, October 25th, 2012 at 5:00 pm and is filed under 2012 Election, Humor, Politics. You can skip to the end and leave a response. Pinging is currently not allowed.